What really matters: conservativeness or independence?

Jakob de Haan and W. Kooi
Additional contact information
W. Kooi: University of Groningen

BNL Quarterly Review, 1997, vol. 50, issue 200, 23-38

Abstract: Contemporary views often support the idea that a high level of central bank independence, together with a clear mandate for it to restrain inflation, are important institutional devices for maintaining price stability. The meaning and policy implications of central bank independence are discussed. Two indicators of central bank independence are tested, and it is shown that 'instrument independence' (the freedom of a central bank to choose its policy means) is important for inflation performance, but other aspects of central bank independence and 'conservativeness' have little or no impact on inflation.

Keywords: Financial; Systems; and; central; banks (search for similar items in EconPapers)
JEL-codes: E58 G20 (search for similar items in EconPapers)
Date: 1997
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (14)

Downloads: (external link)
http://ojs.uniroma1.it/index.php/PSLQuarterlyReview/article/view/10569/10453 (application/pdf)

Related works:
Journal Article: What really matters: conservativeness or independence? (1997)
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:psl:bnlaqr:1997:12

Ordering information: This journal article can be ordered from
http://www.economiacivile.it

Access Statistics for this article

BNL Quarterly Review is currently edited by Alessandro Roncaglia

More articles in BNL Quarterly Review from Banca Nazionale del Lavoro
Bibliographic data for series maintained by Carlo D'Ippoliti ().